CIT Debt Extends to Mega-Buyouts – Full List of Sponsor Facilities
As requested, we have posted the full list of 133 LBO-backed companies with CIT in the capital structure below. For reference, yesterday we posted a list of 30-some LBO-backed companies which used CIT as a lead arranger over the last three years. The full list is for the same time period.
The difference in size between the types of companies on the lists is striking: yesterday’s list of CIT-led transactions is clearly populated with middle market to lower middle market companies sponsored by likes of Thoma Cressey and Wind Point Partners. But this list shows that CIT’s reach goes all the way to the mega-buyouts.
Companies like Michaels Stores, backed by Blackstone and Bain Capital, Dollar General and HCA, backed by KKR, and Dunkin Brands, backed by Bain Capital and THL Partners, fall squarely into the mega-buyout category. Still, the majority of the companies are middle market.
Incidentally, CIT shares are trading up this morning as the firm scrambles to “secure lifelines” from private sector investors. One rumors that’s been circulating is that that JPMorgan may buy its “factoring” unit, which provides financing to the fashion world.
Update: Scribd is misbehaving, so I’ll post the list there as soon as I work that out. For now, view the list directly:
| LBO-Backed Companies CIT Has Lent To (Any Part of Capital Structure) | ||||
| pehub.com | ||||
| Company Name | Date | Deal Amount (m) | Deal Amount (US$m) | Purpose |
| AHM Holdings 1 Inc | 2-Feb-07 | US$ 41 | 41 | LBO |
| AccentHealth LLC | 4-Sep-08 | US$ 56 | 56 | LBO |
| Accutest Corp | 25-May-07 | US$ 50 | 50 | LBO |
| Ace Cash Express Inc | 5-Oct-06 | US$ 430 | 430 | LBO |
| Activant Solutions Inc | 2-May-06 | US$ 430 | 430 | LBO |
| Advanced Homecare Management | 3-Aug-07 | US$ 161 | 161 | LBO |
| Advanced Homecare Management | 25-Oct-06 | US$ 8 | 8 | LBO |
| Advantage Sales & Marketing | 28-Mar-06 | US$ 585 | 585 | LBO |
| Alere Medical Inc | 31-Mar-07 | US$ 80 | 80 | LBO |
| Ambulatory Services of America Inc | 12-Dec-07 | US$ 124 | 124 | LBO |
| Anchor Drilling Fluids USA Inc | 16-Apr-08 | US$ 120 | 120 | LBO |
| Anchor Hocking | 1-Jun-07 | US$ 69 | 69 | LBO |
| Au Bon Pain | 5-Mar-08 | US$ 108 | 108 | LBO |
| Audio Visual Services Corp | 28-Feb-07 | US$ 315 | 315 | LBO |
| Blue Water Automotive Systems | 17-May-06 | US$ 68 | 68 | Acquis. line |
| BondDesk | 16-Aug-06 | US$ 86 | 86 | LBO |
| Booz-Allen & Hamilton | 1-Jul-08 | US$ 810 | 810 | LBO |
| Bosque Power Co | 20-Dec-07 | US$ 413 | 413 | LBO |
| Brickman Group | 23-Jan-07 | US$ 425 | 425 | LBO |
| Business Records Management LLC | 22-Feb-08 | US$ 28 | 28 | LBO |
| CCC Information Services Inc | 10-Feb-06 | US$ 300 | 300 | LBO |
| CRC Health Corp | 6-Feb-06 | US$ 640 | 640 | LBO |
| Cajun Operating Co | 29-Jun-09 | US$ 155 | 155 | LBO |
| Catapult Learning LLC | 20-Mar-08 | US$ 47 | 47 | LBO |
| Centra Industries Inc | 31-Oct-07 | US$ 72 | 72 | LBO |
| Citadel Plastics LLC | 8-Mar-07 | US$ 43 | 43 | LBO |
| CoTo Acquisition LLC | 10-Jan-08 | US$ 35 | 35 | LBO |
| Community Hospice (CHA) | 29-Jan-07 | US$ 63 | 63 | LBO |
| Concorde Career Colleges | 30-Aug-06 | US$ 65 | 65 | LBO |
| Consolidated Precision Products | 17-Apr-08 | US$ 157 | 157 | LBO |
| Contec | 28-Jul-08 | US$ 205 | 205 | LBO |
| Contec | 11-Jul-06 | US$ 145 | 145 | LBO |
| DAE Aviation | 1-Oct-07 | US$ 937 | 937 | LBO |
| David’s Bridal Inc | 31-Jan-07 | US$ 450 | 450 | LBO |
| Delta Rigging & Tools Inc | 4-Aug-08 | US$ 50 | 50 | LBO |
| Dollar General | 6-Jul-07 | US$ 5,525 | 5,525 | LBO |
| Dunkin Brands | 20-Feb-06 | US$ 1,800 | 1,800 | LBO |
| Ellman International Inc | 8-Feb-08 | US$ 20 | 20 | LBO |
| Entertainment Cruises Inc | 22-Aug-06 | US$ 61 | 61 | LBO |
| Fenwal Inc | 28-Feb-07 | US$ 475 | 475 | LBO |
| FiberMark Inc | 8-Feb-08 | US$ 168 | 168 | LBO |
| General Electric Commercial Aviation Training [GECAT] | 5-Jun-07 | US$ 254 | 254 | LBO |
| HC Cable OPCO LLC | 21-Apr-08 | US$ 50 | 50 | LBO |
| HCA Inc | 16-Feb-07 | US$ 12,864 | 12,864 | LBO |
| HMT Inc | 21-Jun-07 | US$ 137 | 137 | LBO |
| Hargray Communications Group Inc | 18-Jun-07 | US$ 325 | 325 | LBO |
| Harris Connect | 15-Sep-08 | US$ 26 | 26 | LBO |
| Haven Hospitals | 1-Dec-06 | US$ 7 | 7 | LBO |
| Hawkeye Renewables LLC | 30-Jun-06 | US$ 600 | 600 | LBO |
| Hearthside Food Solutions | 9-Apr-09 | US$ 115 | 115 | LBO |
| Hudson Group | 29-Mar-08 | US$ 295 | 295 | LBO |
| Hudson Products Corp | 25-Aug-08 | US$ 375 | 375 | LBO |
| IPS Corp | 13-Jul-06 | US$ 102 | 102 | LBO |
| ITN | 25-Sep-06 | US$ 90 | 90 | LBO |
| Identity Group | 7-Dec-07 | US$ 42 | 42 | LBO |
| InfrastruX Group Inc | 19-Apr-06 | US$ 275 | 275 | LBO |
| Inmar Inc | 30-Apr-07 | US$ 175 | 175 | LBO |
| Interim Health Services | 19-May-06 | US$ 62 | 62 | LBO |
| JHP Pharmaceuticals LLC | 28-Sep-07 | US$ 57 | 57 | LBO |
| Jacuzzi Brands [Ex- US Industries Inc] | 7-Feb-07 | US$ 1,155 | 1,155 | LBO |
| Jones Stephens | 7-Sep-06 | US$ 56 | 56 | LBO |
| K2 Advisors LLC | 30-Apr-07 | US$ 129 | 129 | LBO |
| Knape & Vogt | 28-Jul-06 | US$ 97 | 97 | LBO |
| Lewis Goetz & Co Inc | 6-Jun-07 | US$ 98 | 98 | LBO |
| Liberty Dialysis | 18-Jan-06 | US$ 30 | 30 | LBO |
| Liberty Tire Services of Ohio LLC | 5-Nov-08 | US$ 110 | 110 | LBO |
| Lord & Taylor | 2-Oct-06 | US$ 350 | 350 | LBO |
| MECS Inc | 31-Jan-08 | US$ 190 | 190 | LBO |
| Maritime Telecommunications Network | 5-May-06 | US$ 110 | 110 | LBO |
| MedPlast Inc | 18-Apr-08 | US$ 39 | 39 | LBO |
| Medtech Products Inc | 15-Jul-08 | US$ 38 | 38 | LBO |
| Metals USA | 17-May-07 | US$ 450 | 450 | LBO |
| Michael’s Finer Meats LLC | 25-Feb-08 | US$ 35 | 35 | LBO |
| Michaels Stores Inc | 31-Oct-06 | US$ 2,400 | 2,400 | LBO |
| Michaels Stores Inc | 31-Oct-06 | US$ 2,400 | 2,400 | LBO |
| Mobile Storage Group | 1-Aug-06 | US$ 300 | 300 | LBO |
| Modern Luxury Publishing | 22-Jun-07 | US$ 125 | 125 | LBO |
| NCO Group Inc | 15-Nov-06 | US$ 1,069 | 1,069 | LBO |
| National Envelope | 4-Apr-06 | US$ 220 | 220 | LBO |
| National MENTOR | 29-Jun-06 | US$ 480 | 480 | LBO |
| National Renal Institutes | 7-Apr-06 | US$ 300 | 300 | LBO |
| Neff Corp | 31-May-07 | US$ 290 | 290 | LBO |
| Neff Corp | 31-May-07 | US$ 350 | 350 | LBO |
| New Acton Mobile Industries Inc | 2-Feb-07 | US$ 90 | 90 | LBO |
| New Century Transportation | 14-Aug-06 | US$ 120 | 120 | LBO |
| New World Gaming | 1-Jul-07 | US$ 1,065 | 1,065 | LBO |
| Nutrition Physiology Corp | 31-Jul-08 | US$ 31 | 31 | LBO |
| Nuveen Investments Inc | 13-Nov-07 | US$ 2,915 | 2,915 | LBO |
| Obcorp LLC | 30-Jan-09 | US$ 36 | 36 | LBO |
| PRACS Institute Ltd | 14-Mar-07 | US$ 189 | 189 | LBO |
| Permian Tank & Manufacturing | 6-Dec-07 | US$ 77 | 77 | LBO |
| Philosophy Inc | 7-Mar-07 | US$ 310 | 310 | LBO |
| Primrose School Franchising Co | 31-Mar-06 | US$ 31 | 31 | LBO |
| Primus International | 7-Jun-06 | US$ 190 | 190 | LBO |
| RGIS Holdings | 26-Apr-07 | US$ 900 | 900 | LBO |
| RanPak Inc | 29-Feb-08 | US$ 430 | 430 | LBO |
| Randall-Reilly Publishing Co LLC | 29-Feb-08 | US$ 94 | 94 | LBO |
| Renfro Corp | 5-Oct-06 | US$ 205 | 205 | LBO |
| RollEase | 31-Jul-07 | US$ 41 | 41 | LBO |
| Ryt-Way Industries | 11-Aug-08 | US$ 70 | 70 | LBO |
| SJI LLC | 6-Dec-07 | US$ 83 | 83 | LBO |
| Seaboard International Inc | 18-Apr-07 | US$ 55 | 55 | LBO |
| Sequa Corp | 3-Dec-07 | US$ 2,050 | 2,050 | LBO |
| Seven Media Pty Ltd | 28-Dec-06 | A$ 3,050 | 2,409 | LBO |
| Sheplers Inc | 30-Jul-07 | US$ 35 | 35 | LBO |
| Sleep Innovations | 30-Mar-07 | US$ 320 | 320 | LBO |
| SourceCorp Inc | 8-Jun-06 | US$ 400 | 400 | LBO |
| Southern California Pizza Co LLC | 18-Aug-08 | US$ 29 | 29 | LBO |
| Sports Authority Inc | 13-Apr-06 | US$ 1,025 | 1,025 | LBO |
| Sprint Industrial Holdings LLC | 31-Oct-07 | US$ 128 | 128 | LBO |
| Stampede Meats | 22-Mar-07 | US$ 90 | 90 | LBO |
| Star Tribune | 1-Mar-07 | US$ 486 | 486 | LBO |
| Sterling Foods LLC | 31-Dec-08 | US$ 42 | 42 | LBO |
| Sun Products Corp [ex-Huish Detergents Inc] | 26-Apr-07 | US$ 1,150 | 1,150 | LBO |
| Surgical Care Affiliates | 29-Jun-07 | US$ 490 | 490 | LBO |
| Surveymonkey.com | 21-Apr-09 | US$ 39 | 39 | LBO |
| TMW Systems Inc | 12-Sep-07 | US$ 43 | 43 | LBO |
| TRANZACT | 31-Oct-07 | US$ 80 | 80 | LBO |
| Taylor Wharton International LLC | 7-Dec-07 | US$ 163 | 163 | LBO |
| Team Health Inc | 16-Mar-07 | US$ 425 | 425 | LBO |
| Thomas Nelson Inc | 12-Jun-06 | US$ 235 | 235 | LBO |
| Transilwrap Co | 4-Sep-07 | US$ 95 | 95 | LBO |
| TravelCLICK Holdings Inc | 20-Dec-07 | US$ 105 | 105 | LBO |
| Tri-Star Electronics International Inc | 2-Feb-07 | US$ 123 | 123 | LBO |
| Tribune Co | 17-May-07 | US$ 10,133 | 10,133 | LBO |
| Tube City IMS Corp [ex-International Mill Service] | 17-Jan-07 | US$ 350 | 350 | LBO |
| UP Acquisition Sub Inc | 8-Feb-08 | US$ 225 | 225 | LBO |
| US HealthWorks Holding Co | 20-Dec-06 | US$ 135 | 135 | LBO |
| Unifrax Corp | 28-Apr-06 | US$ 230 | 230 | LBO |
| United Central Industrial Supply Co | 28-Apr-06 | US$ 142 | 142 | LBO |
| Vistar Corp [Ex- Multifoods Distribution Group] | 20-Jul-07 | US$ 450 | 450 | LBO |
| Webex Inc | 10-Aug-07 | US$ 40 | 40 | LBO |
| Wesco Aircraft Hardware Corp | 25-Sep-06 | US$ 775 | 775 | LBO |
| Yankee Candle Co | 6-Feb-07 | US$ 775 | 775 | LBO |
| Source: Thomson Reuters and peHUB.com | ||||
Yesterday’s list of lead arranger transactions: If CIT Goes Down, These Companies May Be Hurting
Related posts:
Jeff said on July 17, 2009
Most of the issues relating to the CIT situation for PE firms will be if there is a revolver that needs to be funded. Regular loans just collect interest and are thus passive. The issue becomes what happens if CIT sells this portfolio to hedge funds or similar vulture group who don’t care about relationships with PE funds and just want their money back. That makes any loan restructuring very difficult because these buyer say “No†to any request.
Andrew said on July 17, 2009
I don’t get why this is a big deal for LBO sponsored companies. The loans of covenants so who cares if they get transferred to another provider? It’s not like the PE firms were relying on CIT to provide them with special favors that a firm wouldn’t offer anymore. Besides unfunded revolvers, and I am assuming there was a run on the bank because companies drew down their lines if possible, I would love to see any other risks people can see?
Johnny Keynes said on July 18, 2009
If a borrower did not draw down their revolver before BK filing, there would be an issue with funding due to the fact that one participant was not able to meet its obligations. You are right, though, in that this is a bigger deal for the other lenders in any deal that has CIT as a participant. Lenders are watching revolver draws VERY closely right now as borrowers teeter on the edge of covenant default and to suddenly see millions and million in revolver draws go out the door and see your risks increase that rapidly may make the lenders more touchy about any talks with borrowers.